Daily Market Report 11/18/14

GOLD

Today Gold made its first attempt to break above the key $1,200 per ounce long term resistance level, reaching $1,205 at one point. The price declined due to short selling and profit taking, hitting $1,190 per ounce, where it found good support. A weak U.S. Dollar versus the Euro is helping the Gold price.

At 11am PST today, Gold is trading at $1,196 per ounce, up $10 on excellent trading volume.

SILVER

Silver is seeing a lot of resistance at the $16.50 per ounce level, but also finding excellent support at $16.00, reaching $15.99 in overnight Asian trading. At this point Silver needs some consolidation between $16 and $16.50 before breaking out to hit $17.

At 11am PST today, Silver is up $0.02 per ounce, trading at $16.17 per ounce.